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Employment
Tax Rates and Wage Bases for 2008
Social Security Tax:
Medicare
Tax:
Federal
Unemployment (FUTA) Tax:
Amount
for one withholding allowance: $3,500.
Rate
Table shown below (use table 7)
Table
7 - Annual Payroll Period.
Single
Person (including head of household)
Not over $2,650 ...............Tax withheld is $0.
| Over |
But
Not Over |
|
|
Of
Excess Over |
| $2,650 |
$10,300 |
|
|
10%
$2,650 |
| $10,300 |
$33,960 |
$765.00 |
Plus |
15%
$10,300 |
| $33,960 |
$79,725 |
$4314.00 |
Plus |
25%
$33,960 |
| $79,725 |
$166,500 |
$15,755.25 |
Plus |
28%
$79,725 |
| $166,500 |
$359,650 |
$40,052.25 |
Plus |
33%
$166,500 |
| $359,650 |
$9,999,999* |
$103,791.75 |
Plus |
35%
$359,650 |
Married
Person
Not over $8,000 .............Tax withheld is $0.
| Over |
But
Not Over |
|
|
Of
Excess Over |
| $8,000 |
$23,550 |
|
|
10%
$8,000 |
| $23,550 |
$72,150 |
$1,555.00 |
Plus |
15%
$23,550 |
| $72,150 |
$137,850 |
$8,845.00 |
Plus |
25%
$72,150 |
| $137,850 |
$207,700 |
$25,270.00 |
Plus |
28%
$137,850 |
| $207,700 |
$365,100 |
$44,828.00 |
Plus |
33%
$207,700 |
| $365,100 |
$9,999,999* |
$96,770.00 |
Plus |
35%
$365,100 |
*
Unlimited, entry needs to be lager than largest payroll paid
to any one individual.
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